Bitcoin Price on the Verge of a ‘Short Squeeze’ – Veteran Trader Peter Brandt Predicts Rally

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Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

Part of the Team Since

Sep 2022

About Author

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

August 22, 2024

The crypto market is showing signs of a sharp recovery as Bitcoin and many altcoins maintain negative funding rates, hinting at a potential “short squeeze.”

According to K33 Research, the seven-day average annualized BTC perpetual funding rate was the lowest on Tuesday since March 2023, suggesting downside risks are still prevalent.

In a recent report, K33 analysts Vetle Lunde and David Zimmerman noted that a surge in BTC open interest during these negative funding rates could lead to an imminent short squeeze.

If this occurs, traders who bet against the market might be forced to close their short positions, fueling a rapid upward movement in Bitcoin’s price.

Meanwhile, other markets are also hitting milestones, with the global stock gauge reaching a record high and gold prices setting new records.

The US dollar index (DXY) and 10-year Treasury yield have hit yearly lows, contributing to Bitcoin’s bullish outlook.

Analysts Turn Bullish on BTC

Increased inflows into spot Bitcoin ETFs, alongside a recovery in the Fear and Greed Index, are adding momentum to Bitcoin’s rally. On Tuesday, Bitcoin ETFs saw $88 million in inflows, with BlackRock’s Bitcoin ETF leading the charge at $55.4 million.

Veteran trader Peter Brandt highlights that Bitcoin’s price charts form a broadening triangle pattern, often signalling major price movements. While Bitcoin could potentially move toward its all-time high of $73,835, Brandt advises caution as market volatility remains high.

Bitcoin Breaks $60,000, Eyes $61,818 Amid Bullish Momentum

On the 4-hour chart, Bitcoin (BTC/USD) trades within an ascending triangle pattern, with a key pivot point at $60,018.

This pattern typically signals a potential upward breakout, but caution is warranted. Immediate resistance is at $61,818, with further resistance at $63,487 and $65,382.

On the downside, support levels to watch are $57,883, $56,151, and $54,633.

The 50-day Exponential Moving Average (EMA) at $59,616 suggests a bearish trend. A break below $60,000 could signal further selling pressure, while a move above this level could renew bullish momentum.

Conclusion: Bearish below $60,000; a break above could boost bullish bias.

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